When talking about war between countries, political collapse, or a takeover of government, one must always assume that it goes without saying that the economy and financial structure would change. Pre and post event, the outlooks are going to be different and that is the case with our next in the series featuring the 100 Greatest Modern World Coins as published by Whitman Publishing. Alongside authors Charles Morgan and Hubert Walker, we will take a walk back through time when coinage between two countries once resembled each other until everything changed.
#60 - Cuban 1916 Six-Coin Gold Proof Set
During Cuba’s pre-revolutionary period (1898-1962), Cuban coinage resembled in “graphical composition and typography” that of American coinage. In fact, the Cuban government looked to the United States Mint to source its coinage as the Mint’s production capacity allowed them to produce coins for smaller countries that fell under American influence. For the first two decades of the 20th century, Cuban coins featured those designs of United States Mint Chief Engraver Charles Barber.
However, the revolution would change everything, including the relationship between the United States and Cuba. Castro’s government would take over, squashing business and political connections and creating social reforms that would end up with many Cubans dispersing to America rather than be under government control. Many of them made their way to South Florida. Tensions rose between the once friendly countries and it would come to a head as the attempt at overthrowing Castro’s regime failed and ended with the disaster that was the Bay of Pigs. The incident nearly induced World War III as the Soviet Union was involved in arming Cuba with nuclear weapons.
With all of that said, Cuba’s coinage pre-revolution are reminders of better times, making them more rare and important to collectors. More specifically, the Proof issues of 1915 and 1916. The issues of 1916 are more rare between the two years and the gold issues stand out among all those struck in copper-nickel, silver, and gold. They were struck in denominations of 1, 2, 4, 5, 10, and 20 pesos. On the obverse of the coins are the Cuban coat of arms. The reverse features an effigy of José Martí, a modernist writer and Cuban political hero.
While the denominations of the 1915 and 1916 gold proof coins are rare, some are more rare than others. For example, the 20-peso gold coin struck for circulation in 1915 was struck at the Philadelphia Mint and only 57,700 pieces were produced. However, the Proof version only had 10 strikes in 1915 and then again in 1916. Production stopped after that. One hundred of the gold peso was struck, eight examples of the 2-peso, and 90 of the 4-peso. The 5-peso and 10-peso gold Proof coins were unknown as to how many were produced.